Omaha daily bee., 1887-03-13
WEEKLY BUSINESS REVIEW,
More Life Manifested In Financial Circles
the Past Week.
LARGE SUMS useDFoR MARGINS
The Produce Markets Attract More
Than the Usual Attention and
Hoach Higher Priccs-Re.
ceipts OF Grain Fair.

The Week In the Commercial World.
CHICAGO, March 12-lSpecial Telegram to
the BEE. More life was manifested In local
financial circles during the past week, mainly
attributable to the speculative excitement on
the board of trade and the unusual heavy
trading. Margins were called very freely by
parties on both sides of the market, and in
most calls were promptly responded to.
Bankers have been called upon to furnish
considerable assistance to parties WHO are
not usually very large borrowers, but this
was mainly due to the fact that parties who
have been speculating freely especially in
| mess pork have large sums of money locked
| up as margins. and there was a good prospect
| that 1t will remain invested for six or eight
| weeks. Consequently they required con-
| siderable money to transact business in other
| branches. The free calling of margins on
| contracts for wheat has added somewhat to
the demand, but parties who were able to
present paper backed by good collaterals or
| endorsers of good financial standing, expert
enced no difficulty in securing such favors as
desired. Bankers, however. were little
cautious in making loans to spectators. and
insisted on wider margins than heretofore.
Rather more money Is being forwarded to the
| interior both by bankers and commission
|
pers are anxious to move their property be-
fore the interstate commerce law goes into
effect. Merchants in the wholesale
trade are borrowing moderately. but
| their needs are not pressing.
Bankers are we'll supplied with loanable
funds, and there is no particular strength In
the market. Interest rates are about steady
at 51s@6 per cent. Eastern financial reports
show little more closeness in money mat
| terr, but borrowers, as rule, obtain all tie
discounts required at about former rates.
Foreign money markets are easier, and the
Bank of England rate of discount has been
reduced to 3x per cent New York exchange
was dull during the greater portion OF the
week. Shippers OF grain were Offering more
bills and the demand was only fair. though
more sales were made than during the week
previous. Sales between banks were made
at 60 to rs per cent discount for $1,000,
chiefly at 70 cents, and the market closed
dull at 70 to Is cents. Foreign exchange was
more freely, but the demand showed
little Improvement Rates rather. rather favored s!
days documentary bills were made at 4sssl
014S34. The New York stock market was
somewhat more active during the past week,
IN fbe week the msrSss was
and prices for some of the leading articles
high, due mainly to reports Of combinations.
large dividends prospectivey, increased
some Of these expectations, however,
had weakening Influence and some
Of the Improvement was ,.. lost.
tention, as they had about all the speculation
at home they cared to attend to. Large Oper-
atOrs in New York. however. were more dis;
posed to trade, ana specIaMties c9nmandsd ;S
Paul, Reading, Richmond & West Point Ter
minal, Erie Delaware, Lackawanna u West
ern, Jersey Central, Northwestern, and New
York q New England. Foreign advices
have show q little more strength in stocks
and prices have favored sellers to some eX-
tent, particularly the London market For
eign securities have f1uctuated only. Sales
on the New. York stock exchange for the
week were 1850. 600 shares. Petroleum met
with considerable speculative favor during
the past week ana trading was moderately
active. Prices ruled with marked irregular
ity, though fluctuations we're confined within
narrow limits. Opening sales were made at
621sc, sold at 6laG064c and closed steady at
63Xc. Sales, Is, ,26S, 600 barrels. The produce
, attracted more than the usual attention dur
, | ing the past week. The volume OF specula-
Z tive trading was unusually large. probably
: parties appeared to have . general interest in
D | the speculative branch of trade. The opera
tor OF small means as well as the millionaire
| the buyer or seller of single 5000 bushels,
| or individual who was able to throw l, ,OOO, 900
8 | bushels on the market, or could as readily
+ take that quantity If fOtfered-all indulge their
/. | prOpensitieS for speculation to their hearts
Z content possibly to the disfguring of check
books and to the detriment OF bank accounts.
q | Margins were called for very freely in gen.
> | eral way, as operators desired to be secure,
+ the large amount of money locked up previ-
, ously making them anxious to protect trades
i. for their cuStOm0rS as much as possible.
q Some parties estimate that not less than S15.-
i, 900, ,0OO has been placed as margins on specu-
!, lative trades in wheat, corn and provisions.
3 All the markets have exhibited marked
4 strength, attended with considerable
excitement and frequent and quite wide
fluctuations In prices. May delivery appears
to be the center OF attraction In all the lead
II ing articles. Wheat corn, lard short rh
= !. sides were most in favor, and all reached 9
l. higher scale OF prices, though
+ not fully supported. No serious
( financial troubles occurred. Three small
!, failures were announced and these had no
y effect on the leading markets. There was
. rather more doing in shipping circles and
!, more grain has been forwarded than fol
II some time past Shipments of provisions
4 were moderately free Receipts of grair
= were fair and of provisions quite heavy. The
. | stocks of grain and provisions are beinl
. | gradually reduced. Foreign markets werl
\ stronger early in the week, but did not show
= much sympathy with the advance in price
!, | here. Eastern markets were stronger in
general way, but did not follow our extreme
i figures. The arrivals Of live stock were mod
a crate at all western points. The packing o
hogs in the west Is somewhat larger than las
: | year to date.
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